IDEX Corporation Acquires Toptech Systems, Inc.NORTHBROOK, Ill. -- IDEX IDEX International Development Exchange IDEX Imagery Data Exploitation System IDEX Imagery Digital Exploitation (system) IDEX Identifier of Explorer Corporation (NYSE NYSE See: New York Stock Exchange : IEX IEX Ion Exchange (chromatography) IEX Inter-Exchange Carrier ) today announced the acquisition of Toptech Systems, Inc., a leading provider of terminal automation systems used in the custody transfer In fluid measurement, a custody transfer point is a metering point at a location where the fluid is being measured for sale from one party to another -- hence the term 'custody transfer.'. and control of high value fluids and gases. Based in Longwood, Florida Longwood is a city in Seminole County, Florida, USA. The population was 13,745 at the 2000 census. As of 2006, the population recorded by the U.S. Census Bureau is 13,529 [2]. , with revenues of approximately $22 million, Toptech's products include terminal automation hardware and software used by customers in the oil, gas and refined fuels markets to control and manage inventories, as well as transactional data and invoicing. Toptech will be operated as part of the company's Liquid Controls business within its Fluid & Metering Technologies segment. Terms of the transaction were not disclosed. Commenting on the acquisition, IDEX Chairman and Chief Executive Officer Larry Kingsley said, "We are extremely pleased by Toptech's decision to become part of IDEX. Toptech's expertise in terminal automation and management is highly complementary to our precision metering capability and growth within the oil, gas and alternative fuels markets. With the addition of Toptech, IDEX will now offer a robust platform of controls complementing our market-leading products which enable our customers to move, measure, and dispense high value fluids anywhere in the world." Toptech founders, Doug Dunlap and Jay Barnhill, stated, "We are excited to become a part of IDEX and its Fluid and Metering Technologies business. IDEX is a recognized leader in applied engineered solutions whose global footprint will greatly enhance our ability to serve the needs of our customers. Together, we will offer a complete end-to-end terminal management solution ensuring the safe, productive and energy efficient transfer of all custody control fluids, as well as the integrity of our customers' data management processes." About IDEX IDEX Corporation is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products built to its customers' exacting specifications. Its products are sold in niche markets to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and Chicago Stock Exchange Chicago Stock Exchange (CHX) A major exchange trading only stocks, with 90% of trades taking place on an automated execution system, called MAX. under the symbol "IEX". For further information on IDEX Corporation and its business units, visit the company's Web site at www.idexcorp.com. |
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